Chapter 1

Question 1

Home financing reflects the ____, ____ and ____ or our what

Answer 1

Taste, desires and Values of our Nation

Question 2

Residential Mortgage lending is, and always has been, a constantly changing part of our ________ and _________.

Answer 2

Ecomomic Life and Social History

Question 3

What does RFC stand for

Answer 3

Reconstruction Finance Corporation

Question 4

What does FHLB stand for

Answer 4

Federal Home Loan Bank

Question 5

What does (HOLC) stand for

Answer 5

Home Owners Loan corporation

Question 6

What did the National housing Act of 1934 create

Answer 6

Federal housing administation ( FHA) and the Federal Savings and Loan Insurance Corporation (FSLIC) Federal Depository Insurance Company (FDIC)

Question 7

What does FHA stand for

Answer 7

Federal Housing Administration

Question 8

What does FSLIC stand for

Answer 8

Federal Saving and Loan Insurance Company

Question 9

What does FDIC stand for

Answer 9

Federal Deposit Insurance Corporation

Question 10

The FHA either initated or make popular many innovations in mortgage lending, such as _______ and the ________________.

Answer 10

Mortgage Insurance (MI) and Long term, self - amortizing mortgage

Question 11

The underlying product in all real estate activities is What

Answer 11

Land

Question 12

During the 1920 How nuch did real estate price appreciate during that decade

Answer 12

25 to 50 percent

Question 13

During the 1920 what did many lenders think and believe?

Answer 13

That inflating prices would bail out bad loans

Question 14

What are some determing factors that would indicate that the market and economy are changing?

Answer 14

Large scale unemployment, market collapse, slow down. in ecomomic vitality

Question 15

What was the purpose of the reconstruction finance corporation and when was it created?

Answer 15

It was created in 1932 and its purpose was to provided liquity to commerical banks.

Question 16

what does RFC stand for?

Answer 16

Reconstruction Finance Corporation

Question 17

What does FHLB stand for?

Answer 17

Federal Home Loan Bank

Question 18

What was the purpose of the federal Home loan bank

Answer 18

To provided a central credit facility to home finance institutions primarily savings and loans institutions.

Question 19

What does HOLA stand for?

Answer 19

Home Owner loan act

Question 20

What was the purpose of the Homeowners Loan act and when was it created?

Answer 20

It was created in 1933 and it provided federal charters for savings and loan institutions.

Question 21

What does HOLC stand for?

Answer 21

Home owners Loan corporation

Question 22

What was the purpose of the Home owners loan corporation?

Answer 22

To provided emergency relief to homeowners by refinancing or purchasing defaulted mortgages.

Question 23

Why was the National Housing act of 1934 Created?

Answer 23

It created the Federal housing adminstration (FHA) and the federal savings and loan Insurance corpration

Question 24

Upon there creation What was FHA and FSLIC instrumental in creating?

Answer 24

The initiated or made popular many innovations in mortgage lending, such as mortgage insurance (MI) and the long term self amortizing mortage.

Question 25

The greast Boom in housing Construction in the history of this country, and possibly the world occured in what years?

Answer 25

between 1945 and 1955

Question 26

What two government housing programs built up the demand for housing?

Answer 26

FHA and the VA

Question 27

What does FSLIC stand for?

Answer 27

Federal Savings and Loan Insurance Company

Question 28

What was the FHA and the FSLIC Instrumental in doing?

Answer 28

Encouraging depositors to return desperately needed deposits to financial institutions

Question 29

What is the most distinguishing characteristic of the VA program

Answer 29

No downpayment requirements for eligiable veterans and no mortgage insurance premium

Question 30

Since the end of world war two what has been the longest user of long term debt?

Answer 30

Mortgage

Question 31

what was so important about the housing act of 1949?

Answer 31

It contained a National commitment to provided a decent home and suitable living enviorment for every american family

Question 32

What year was the Housing and Urban development act enacted?

Answer 32

1968

Question 33

What did the housing and community development act of 1974 formalize and change

Answer 33

Section 8 program

Question 34

What was some of the ways that the goverment provided shelter and housing for people who could not afford it?

Answer 34

1. Rent assistance 2. Mortgage assistance 3. Temporary housing shelter and other transistional homes 4. tax or other credits to construct low to moderate housing

Question 35

Why were laws and regulations implemented?

Answer 35

Because of excess and failure on the part of the lending community